- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, I read the Turbo Tax post that you provided and I should have said that the bank that the credit card is issued by is reported on the FBAR. I based my original answer regarding credit accounts but i realized these are credit accounts issued from a bank and is not the credit card itself. This post clarified that point.
You will just report the maximum daily balance of the foreign bank account that it is associated with credit card but not the credit card activity or the available credit on the foreign credit card.
If the average daily balance id not exceed $10,000 at any time during the year, there is not an FBAR reporting requirement. Be careful though just in case if there interest paid that may have bumped that balance over $10,000.
**Mark the post that answers your question by clicking on "Mark as Best Answer"